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2 Data Limitations There are two certainties when it comes to data: 1.Data is valuable 2.That value is limited by the experience and expertise of the entity analyzing the data, and the additional they have available at their disposal This can be illustrated by two real world examples of how data would suggest one outcome yet the actual result is dramatically different, with significant implications for various parties

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Attributes that play a vital role in asset performance that are not always contained in loan-level data: Program guidelines Non-credit worthy borrower quality Non-FICO underwriting criteria School type Area of study Origination channel Servicer and contractual SLAs Use of supplemental third parties Geographic concentration 7 Not All Similar-Looking Assets Are Created Equal